Baird analyst Brian Skorney noted Anthem (ANTM) has categorized Sarepta (SRPT) Duchenne muscular dystrophy drug Exondys 51 as "not medically necessary" in a new coverage policy, but he cautions this "does not mean that Anthem is not covering the drug." The analyst explains that the policy means prior authorization requirements may be stricter, but he "highly doubts" that eligible patients will be denied coverage. Skorney, who adds that other large insurers appear to have favorable coverage for the drug, keeps an Outperform rating and $102 price target on Sarepta shares.

10/05/16

ADAM

10/05/16NO CHANGETarget $28ADAMBuy

Summit Therapeutics price target raised to $28 from $14 at Canaccord

Canaccord analyst Arinda Lee raised her price target on Summit Therapeutics (SMMT) to $28 from $14 following the announcement of its collaboration and licensing agreement with Sarepta Therapeutics (SRPT). The deal calls for Sarepta to gain EU commercialization rights to Summit's pipeline of oral utrophin modulators for all patients with Duchenne muscular dystrophy. Lee reiterated her Buy rating Summit Therapeutics shares.

10/04/16

PIPR

10/04/16NO CHANGETarget $68PIPROverweight

Piper Jaffray ups Sarepta target to $68 on Summit deal

Piper Jaffray analyst Edward Tenthoff raised his price target for Sarepta Therapeutics (SRPT) to $68 from $64 after the company licensed Summit Therapeutics' (SMMT) ezutromid to treat Duchenne Muscular Dystrophy in Europe, Turkey and the Commonwealth of Independent States. The deal is a smart way for Sarepta to capitalize on its lead in DMD with the recent FDA approval of Exondys51, Tenthoff tells investors in an intraday research note. His new price target of $68 reflects the value of ezutromid. Tenthoff reiterates an Overweight rating on Sarepta. The stock is up 1% to $61.61 in late morning trading. Summit is up 94%, or $8.17, to $16.82.

09/28/16

JMPS

09/28/16NO CHANGEJMPS

Street underestimating price of Sarepta drug, says JMP Securities

JMP Securities analyst Liisa Bayko expects the price of Sarepta's Exondys 51 drug will be above the company's projected annual net price of $300,000. She thinks that the price will come in "closer to $538,000 per year on a gross basis, $457,000 net of discounts and compliance." The analyst raised her price target on the shares to $90 from $60 and keeps an Outperform rating on the stock.

ANTMAnthem

$120.84

-1.06 (-0.87%)

09/22/16

EVER

09/22/16INITIATIONTarget $133EVERHold

Anthem initiated with a Hold at Evercore ISI

Evercore ISI initiated Anthem with a Hold and a $133 price target.

09/20/16

BOFA

09/20/16NO CHANGEBOFA

Anthem removed from US 1 List at BofA/Merrill

09/13/16

JEFF

09/13/16DOWNGRADETarget $138JEFFHold

Anthem downgraded to Hold from Buy at Jefferies

Jefferies analyst David Windley downgraded Anthem (ANTM) to Hold from Buy saying the restoration of some of the company's expense cuts could limit 2017 earnings growth. "The belt-tightening also potentially signals under-investment in the platform," Windley tells investors in a research note. He sees a lack of catalysts for Anthem shares and cut his price target to $138 from $156. The health benefit company closed yesterday up $1.63 to $128.58. In Managed Care, Windley's top pick is UnitedHealth (UNH). The company has an attractive valuation and "best-in-class" management team, Windley argues. He has a Buy rating on UnitedHealth with a $163 price target.

08/25/16

COWN

08/25/16NO CHANGECOWN

Managed Care mergers unlikely to close, says Cowen

Cowen analyst Christine Arnold believes the current managed care mergers including Aetna (AET) and Humana (HUM) and Anthem (ANTM) and Cigna (CI) are unlikely to close. The analyst said the government's ability to appeal could extend the litigation process beyond the termination dates stipulated in the merger agreements. Arnold believes the Aetna/Humana merger has a better chance of closing relative to the Anthem/Cigna deal, but believes neither are likely to close.

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Chesapeake Utilities (CPK) initiated with a Neutral at Ladenburg. 2. CONSOL (CNX) initiated with a Neutral at Goldman. 3. Johnson Controls (JCI) assumed with an Equal Weight at Barclays. 4. American Midstream Partners (AMID) initiated with a Buy at Janney Capital. 5. Brookfield Infrastructure (BIP) coverage resumed with an Outperform at Wells Fargo. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Abercrombie & Fitch (ANF) downgraded to Sell from Hold at Argus with analysts John Eade and Katelyn Bayone citing the company's third quarter miss and what they see as its "challenging sales outlook for the remainder of the year." 2. Duluth Holdings (DLTH) downgraded to Hold from Buy at Stifel and to Market Perform from Outperform at William Blair. 3. DAVIDsTEA (DTEA) downgraded to Market Perform from Outperform at BMO Capital and to Market Perform from Outperform at William Blair. 4. Hilton (HLT) downgraded to Outperform from Buy at CLSA with analyst Jon Oh citing valuation. 5. Horizon Pharma (HZNP) downgraded to Neutral from Buy at Mizuho. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AstraZeneca (AZN) upgraded to Outperform from Market Perform at Leerink with analyst Seamus Fernandez saying the recent weakness in shares provides an "excellent entry point" ahead of several critical pipeline events that have the potential "to transform this giant into an exciting growth story." 2. Autodesk (ADSK) upgraded to Buy from Hold at Canaccord with analyst Richard Davis citing expectations for improved free cash flow, as he sees a path to $6 in FCF by 2020 and $11 per share in 2022. 3. Eaton (ENT) upgraded to Overweight from Neutral at JPMorgan with analyst Ann Duignan saying optionality of the company's balance sheet should offset broad weakness across its end markets. 4. Fluor (FLR) upgraded to Buy from Neutral at Citi with analyst Andrew Kaplowitz saying the company is positioned to outperform given amid oil and gas capex stabilization, a lift off the bottom in mining off the bottom and "muted" 2017 expectations. 5. Sysco (SYY) upgraded to Neutral from Sell at Goldman. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.